Understanding audits, FTC bankruptcy, and seeking recommendations for bookkeeping automation

This chapter discusses the limitations of audits and the bankruptcy of the FTC, along with the challenges of automating bookkeeping tasks and finding a coach to improve skills in small businesses.

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Blake and David discuss issues relating to the accounting profession's talent pipeline, including a high school student's negative experience in her first accounting class and efforts by state CPA societies to reduce licensing barriers. They move on to tech topics, like the slow adoption of AI tools such as ChatGPT among accountants and new product features announced by Intuit and Xero. Wrapping things up, they share listener feedback on finding resources to learn new accounting software and workflows and provide commentary on app subscription price increases and the need for accountants to price their services properly.

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Chapters

(00:00) - Preview: Accountants need to charge more
(01:02) - Welcome to The Accounting Podcast : Blake talks to high school senior in an accounting class
(10:41) - The South Carolina Accociation of CPAs introduces new changes to 150 rule
(20:02) - Air traffic controllers are understaffed and narrowly avoiding disaster
(23:51) - The number of EA's in The NAEA is down 23% over the last 5 years
(26:10) - Comparing air traffic controller shortage to accounting shortage
(31:26) - Attestation reports are not audits
(34:09) - Listener mail from a bookkeeper asking for recommendations on how to learn QuickBooks better
(40:36) - What should firms do when accounting software raise their prices?
(46:26) - LegalZoom launches LegalZoom Books
(49:02) - How many Ohio CPAs have tried ChatGPT at all?
(51:57) - Intuit released their year end earnings
(55:07) - Some new Xero AI news & Xerocon is back in the US for 2024
(59:15) - Relay ups FDIC insurance to $2.5 million and Stripe offers sales tax calculations
(01:01:25) - Wrap up and where to reach us